Product: IDeal™ invoice discounting
Facility size: £500,000
Working with a finance broker, this manufacturing firm approached Close Brothers to discuss an invoice discounting facility. The funding would be used to replace a bank overdraft, giving the company better access to working capital as they continued to expand.
We worked closely with the business, considering their future strategy, as well as previous trading and challenges. Understanding that the main requirement was to improve cash flow after a growth period, we agreed to advance 85% of the value of the customer invoices.
Our market-leading platform, IDeal™, now provides a live view of funds and access to cash from their customer invoices as soon as they are raised. This 24/7 availability gives the manufacturer more flexibility because cash flow is steady.